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with paul krugman is ahead. why he says the deficit doesn't matter now and why the government needs to spend more money. he ran two of the most important companies and turned around general motors. i will talk les sobs learned, the state of the american future. and baubles and bling. if you have the cash they have the jewels. if perfect valentine's gift for deep pockets. jewels anyone? >> co oh co always wore two. >> "on the money" begins now. >> announcer: this is america's number one financial news program. "on the money." now, mario bartiromo. >> here's a look at the news as we head into a new week on the money. it is the u.s. government versus standard & poor's. the most aggressive move yet to hold accountable a company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors by giving securities created from subprime loans aaa ratings they didn't deserve. the attorney says not so fast. >> the government has to show in this case not that a lot of people lost money because of the investments. government has to show the s&p liter
more about it. thank you for joining us. let's start with the debt and deficit since this is front and center as far as the international conversation as it may be. the cbo, congressional budget office, came out with new projections this week. they saw, long term, the economy will move in the opposite direction of the deficit. the economy grows if the deficit goes down, it shrinks if the deficit goes up. you argue in the book that the deficit really doesn't matter right now. do you disagree with the government's projections? >> no, i think the cbo report is pretty reasonable. and it says that we wish we had lower debt, and if we look at the long term it would be nice to pay down the debt but it does not show a crisis. and trying to slash the deficit right now will deepen the clear and present danger which is a very high unemployment and ongoing economic slump. so i actually -- i found the cbo report supportive of what i'm saying, that right now our priorities should be jobs and not the deficit. >> i want to get your reaction to something that dave camp told us, the chairman of the
prize winner says the deficit doesn't matter now and why the government needs to spend even more money. >>> he ran two of the nation's largest and most important companies and turned around general motors. i'll talk lessons learned, the state of american business and the future with ed whitacre. >>> and bling, if you've got the cash, they've got the jewels. the perfect valentine's day gift if you have deep pockets. jewels, anyone? "on the money" begins right now. >> this is america's number one financial news program, "on the money." now, maria bartiromo. >> here's what's making news as we head into a new week "on the money." it is the u.s. government versus standard & poor's. the most aggressive move yet by the justice department to hold accountable a financial company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors, aaa ratings they did not deserve. standard & poor's' attorney says not so farst fast. >> the ratings that were issued were believed by the people who issued them and that's what the government has got t
deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal debt held by the public would remain a larger percentage of g.d.p. as in any year be
melissa francis. lori: i am lori rothman. we will learn how hi our deficits could rise. melissa: we will hear from the president in just a couple minutes. we will bring you the remarks live. lori: immigration reform also on the top earner today. we will hear from business leaders on how reform should be done. lou dobbs weighs in. melissa: our very own charlie gasparino goes one-on-one with municipal analyst. that should be very interesting. lori: let's get things started with the latest addition of stocks now. the 20 you see volatility here. the fix is to the downside today on a day where we are gaining triple digits, unlike yesterday where we love triple digits. the majority of the dow components are in the green. we have economic numbers showing expanding numbers in the u.s. service. we will take a look at a longer term chart. back to you. lori: thank you, as always. melissa: breaking news. the budget office releasing the latest numbers. what we can expect our deficit to be. rich: $845 billion for this year. this is the first time in five years. let's take a look at the next ten y
to face and i think much more important is the very large, long run deficit that a thing all of us want our policymakers to come together and address how we're going to do with it. i think that's unfortunate will have to be front and center in the next year coming up with that. i sure hope it is. >> let's see, i think first thing just to mind ourselves out is that the impact of it president on the short-term macro economy is almost always exaggerated. presidents can have a big impact on the economy in the medium term and long run, largely -- and while the fed has cut aid to help they can should have a much bigger short-term effect, we immediately looked to the white house and said what are you going to be about the economy right now? dr. romer and i would have to go on tv and there is points and talk about the job supports and what would happen over the course of the next month and the thing that is so frustrating note in fact not much that you were doing action has a direct result what will happen over the course of the next month. i think it is interesting how the debate has shifted.
of office today protected the state of the economy. they said two things. number one, the deficit this year is going to come in lower trim dollars, the first time in the obama years. and they also said we're only goal going to great growth of 1.4%. they're saying if you cut spending, you will cut the deficit. if you raise taxes, you will cut the deficit. they're saying the exact opposite to you. >> doesn't make sense. i don't think the government is going to collect all the new revenues they're protecting because when you start taxing investors, small businesses, they tend to cut back and don't have the profits to pay taxes on. the presidentes distracting from the real conversation, stewart. we have to cut spending. there are many areas of the government where we duplicate other areas, where there's wasteful spending. we need to move some things back to the states and need to make a commitment to balance our budget within ten years. if we do that, we see our markets and our economy improve almost overnight. >> quickly, jim, do you predict dealt disaster if you raise taxes? >> i think our de
rate today is higher than that of frugal canada. a new congressional budget office report says deficits are returning to precrisis levels within a few years. we don't need some big and grand bargain. even moderate reform on immigration, gun control, energy policy, and most difficult, the budget, would give a powerful boost to the country beyond any specific economic impact. you see, politicians could demonstrate that they could actually govern. everyone would get some credit. and america would finally have found a center. for more on this, you can red read my column in this week's "time" magazine. let's get started. >>> so now you know my thoughts on how the white house and congress can get some work done. let's get straight to what other people think. joining me today, paul krugman, op-ed columnist for "the new york times," the author of "end this depression now" just out in paper back and on "the new york times" bestseller list. mort zuckerman, publisher of u.s. news and world report, publisher of "the daily news" and he has a few real estate holdings here and there. arianna huffingto
. we have budget deficits that are not sustainable and how are we going to dale with these budget deficits? that's the issue before the congress that we are dealing with. we dealt wit this week. we had president obama who visited with the democratic members of the united states senate in annapolis and it was the issue we talked about the most. how are we going to deal with our budget deficit? i could talk about how we got here, the policies that led to these deficits but i'm not going to harp than because we have to figure out how we're going to move forward. i will emphasize one point. this deficit was not caused by our federal work force. you are not responsible for their deficit. \[applause] >> we could talk about the policies of going to war and how we pay for it, etc. but we have these large deficits and we need to deal wit. let me bring you up to date because the last time i was here was a little over a year ago and we were talking about the budget control act and how we had to deal with this deficit and how we were going to bring down discretionary domestic spending and how
in the hole this year alone with our deficit, this is a great way to raise tax revenue. let me finish, it would charge an excise tax of 50% of the first sale. 50% of your first dollar would go right to the government. pay $1000 annually just for being tax producers, and they would require the irs to produce a study of industry after two years. once you get the irs involved, my friend, we are talking about a full one industry that will be taxed and it will never go away because the irs is going to want to get money from it. what do you think about a federal tax on marijuana? >> at this point it is premature because only two states down the road could be a good idea, but it is mostly about the states. federal tax on marijuana. i'm talking about blumenauer. is that whe the one you like? >> yes. let's allow the state to legally regulate that stuff. let the states tax them. >> or heard about it for lottery, gambling, tobacco, alcohol, we spend more on the social cost of the problems. gerri: what do you mean? let's have an answer. >> talk about the lost productivity, department of justice r
's pockets but i'm sure it appears and power deficits all over the world. and i don't want to bring up the sisterhood of suffering in this, but certainly stands united and salvation women face a dual burden and the fact they work outside the home, but their work is not considered a contribution to the mainstream economy. certainly pakistan work on the long. so that is why we are putting borel and herbal women at the bottom of the pier made at our development strategies. >> thank you for coming. i want to ask you about the drugs. so pakistan's position is international law under those guidelines a lot to ask, why did she choose them? has pakistan shot drums and if not, the reason i assess this because there's bob pakistan publicly -- >> that may address this is most spokesperson do. they speak to what began in terms of the question and you do ask why -- you ask a question, which is a required complicity in this? let me assure you since we've been in government, there's no question of wink and nod. this is a parliamentary breadline that all government institutions have internalized this
's different? we have seen an enormous increase in the u.s. trade deficit, especially with countries like china. today, they happened to release a report that looked at the effect of currency manipulation, perhaps the single most important factor and explain the growth of our trade deficit. eliminating the trade deficit or eliminating currency manipulation could reduce the trade as a by roughly $190-$490 billion. doing this would increase manufacturing employment by up to 1 million jobs. that's a big downpayments in the whole we have created in manufacturing and employment. one thing we need to do is create demand. that is what we did do but we did not do that in the last decade. we need to shift the demand to domestic produced goods resulting in the hiring of domestic workers. manufacturing jobs are amongst the best for workers especially for those without a college degree. high wages, good benefits. >> bruce, you worked in washington, d.c., and brookings is right off dupont. >> i am mostly on a plane. >> industrial policy is a dirty word. if you go to any other domestic place, it will land yo
. >> it is almost a false argument to say we have a spending problem. we have a budget deficit problem that we have to address. right now we have low interest on the national debt and it is a good time for us to act to lower that deficit. we think they must be reduced. we are sick and tired of paying interest on the national debt. that is a large percentage of the budget. it is lower now because of the lower interest rate. dagen: i do not speak pelosi. let me see if i can translate what she was saying. she does not believe there was a spending problem. the budget deficit and budget cap should be fixed -- >> i think she is talking out of her -- i do not think there should be any tax increases. i think it is time for the fiscal deficit to call it off and a clear victory. there are signs we have gone too far too quickly. left or right, i am very happy to hold off on these tax increases which i think will appeal to a lot of people. i am in equal opportunity growth guide. both sides of the aisle. i do not think we spend too much money. it is a symptom of a problem. dagen: you are arguing that we should
said this, when i think back myself of may 2010 when the u.k. deficit was at 11%, when you were in office, right? and i tried to imagine what the situation would be like today if no such fiscal consolidation program had been decided, i shiver. that is what the i.m.f. says about the plans of the last labor government. now, he raises the issue of growth. >> order! >> it is not acceptable to shout down either the prime minister or the leader of the opposition and the public have a very low opinion of that kind of behavior. let's hear the questions and hear the answers. the prime minister? >> he raises the issue of america and american growth. the fact is our recession was longer and deeper than the recession in america. the biggest banking bust was not an american bank, it was a british bank. they want to talk about tomorrow because he doesn't want to talk about yesterday when the two people responsible for the regulation of the bank and the performance of our economy are sitting right there on the opposition benches. >> once again, a completely incompensable answer, mr. speaker. i
, investment in this term, and we all recognize the deficit is an issue but it is an issue over a long term, and the balancing act by repealing sequestration creates for us in this country an opportunity to continue to recover and stabilize our economy, invest in thing wes need for the future, and put on the table revenue that is not there that needs to be part of the revenue generation we need in order to deal with the deficit issues of this country and the investment needed for recovery. thank you very much. >> thank you. i'm so happy to be here with the progressive caucus, talking bat sensible alternative. here are the facts. full implementation of the sequestration would threaten 2.4 million jobs. both in the public and the private sector. the congressional budget office has said that sequestration, if allowed to take effect, would reduce economic growth by 1.25% this year. so, there's no doubt that the sequestration would harm the economy. we need to make sure a sequestration is going to be replaced, it isn't replaced with something even worse. the president has already signed into law
.s. and more made in america products shipped overseas, the u.s. trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but tt success was offset soewhat by imp
will be gradual. and on the downside we have thrown a lot of roadblocks in its path. we have a debt and deficit situation which in the long term are unsustainable, and we're doing absolutely nothing to correct that. nothing. i know cbo's forecast was that we would see modest improvement in the jet crashing into debt-to-gdp ratio the next two years but i don't believe the. i don't like their forecast. i do with 4% growth is going to venture lies with the 0% increase in the interest rate. just don't see it happening. if you get when you're going to get the other one taking up and that will be very, very difficult to maintain a stable or declining debt-to-gdp ratio. but even cbo has a debt-to-gdp ratio picking up at the end of the 10 year horizon. so we have to stabilize the debt. we haven't fixed the debt. and, in fact, we spread the crisis out so that we really won't go a month without one. we have the fiscal cliff at the end of the year. nothing was done in the later part of the year. and then in the 11th hour, actually it wasn't the 11th hour. it was about the 15th hour, two and half hours aft
deficit for a second straight month in december, that is the first time since 1985 that the current account balance turned to the red for two consecutive months. finance ministry officials say the current account deficit for december about $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9% while imports were up about 0.8% from the previous year in yen terms. as a result, the current account surplus for the entire year of 2012 turned out to be the smallest based on comparable data available since 1985. the surplus fell 50.8% from the previous year to $50.2 billion. >>> and across oceans the president of the european central bank expects the region's weakness to prevail for sometime. policymakers at the bank decided to keep the key interest rate unchanged. it's at record low level to support europe's ailing economy. the members of the central bank decided the rate should be maintained at 0.75% for a seventh month in a row. european central bank president draghi said the decision is essential to support the region's economic activity which remai
account deficit for a second straight month. it's the first time the country has been in the red for several months in a row since officials started keeping track the way they do now. finance ministry officials say the current account deficit for december was $2.8 billion. the trade balance registered a deficit of about $6 billion. exports fell 6.9%. imports were up 0.8% in yen terms over the previous year. the current account surplus for 2012 turned out to be the smallest. the surplus fell 50.8% from the previous year to $50.2 billion. china's total amount of trade soared about 27% jayne from a year earlier. but it's trade with japan posted much smaller growth. china's customs data shows its exports totalled more than $180 billion last month, up 25%. the country imported about $160 billion worth of goods showing an increase of about 29%. the total amount of trade came to about $345 billion surging nearly 27%. officials attribute the jump mainly to a dent in the same month last year, the lunar new year holidays fell in january in 2012. trade with japan grew slightly more than 10%
was $3.48. the federal budget deficit expected to show short-term improvement this your according to the congressional budget office, declining to $845 billion from 1 trillion. the annual deficit expected to go as low as 430 billion by 2015 before soaring to almost a trillion dollars by 20203. joining us now to assess all of this is former director of the congressional budget office and president of the american action forum. let me start with, the president today insisting that he have, well, new revenue. just so that the congress would have the privilege of somehow saving him from himself and pushing back the impact of this sequester that his white house offered. does it get any more curious than that? >> it just proves we are in a budget another world. the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve t
there is a better way to reduce the deficit. he's calling for cuts and reforms that will put us on the path to balancing the budget within ten years. you can see it live. we're keeping an eye on the white house. we'll bring you the president's remarks as soon as he gets to the podium. >>> we are tracking a developing story on new details from the justice department that seem to lay out its case for killing u.s. citizens if they're determined to be a terror risk. the memo first reported by nbc addresses issues raised after recent drone strikes including the one that killed american born al-qaeda leader, but now a bi-partisan group of senators says it wants to know why they were never briefed on what is apparently new presidential authority. chief intelligence correspondent kathryn her image is live with more. >> reporter: this letter signed by eight democrats and three republicans urges mr. obama to produce a highly classified memo that authorized the targeted killing program so that, quote, congress and the public can decide whether the president's power to deliberately kill american citize
's transparent and that we're reducing our deficit in a way that doesn't hamper growth. >> reporter: the response from house speaker john boehner's office? the president got his revenue, now it's finally time to make the reforms necessary to save our entitlement programs. any tax loopholes we close should be used to lower rates for all taxpayers so we can be more competitive and create or more jobs. automatic spending cuts hit the federal budget march 1st. less than four weeks later, a large portion of federal spending authority expires. if democrats and republicans fail to resolve these tax and spending differences, the government is headed for those across the board spending cuts and a government shutdown. back to you. connell: rich, thank you very much. rich edson in d.c. dagen: let's bring in david stockman, former economic adviser to president ronald reagan. there's no urgency though. if we don't do something about our annual budget deficits and our longer term debt that we're accumulating, is it just going to be kind of a slow drip like where we bleed to death as a nation, where we don't re
tax revenues in order to help the deficit. we'll have a conversation with represent dave camp coming up later in the program. stay with us. m charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with schwab mobile, tdd#: 1-800-345-2550 i can focus on trading anyplace, anytime. tdd#: 1-800-345-2550 until i choose to focus on something else. tdd#: 1-800-345-2550 all this with no trade minimums. tdd#: 1-800-345-2550 and only $8.95 a trade. tdd#: 1-800-345-2550 open an account with a $50,000 deposit, tdd#: 1-800-345-2550 and get 6 months commission-free trades. tdd#: 1-800-345-2550 call 1-866-294-5411. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that
that we need higher fuel tax, and we can use that either to reduce the deficit or to pay for something else. it was designed -- or intended -- whether it has done so successfully or not, it was done to pay for infrastructure. >> absolutely. we are not real happy about that. >> john, what are you hoping for next week? >> for some reason, i have not been consulted on that. the president in the campaign said he was 4 and all of the above energy policy, so let's have some announcements that support that -- he was for an " all of the above" energy policy. let's move forward with the things that you need to do to accomplish that policy. i would say that we would also -- i would like to see stop this discussion about taxing the industry and trying to characterize it as subsidies, which is simply not true, and i would like to see more opportunities in terms of where we can open up areas that are off-limits right now. all those combined can generate an enormous amount of opportunity for the economy right when we need it. >> i will just mention a couple of things. i think lenders have been reall
await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them.'s my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of his best comments for you and we have reagan biographer cr
land, reducing the debt and reducing the deficit. >> john, it might be quite frankly that he's an iowan and iowans get things done. i got to sequester conspiracy theory for you. both republicans and democrats are using these automatic cuts as cover. they pretend to disdain them, but democrats are actually okay with $1.2 trillion in deficit reduction that doesn't touch medicare, medicaid and social security. republicans are railing against slashing defense. in the deal they've got a big cuts that they have long coveted. both sides can claim it's the other side that's unreasonable and they get automatic cuts. is this oliver stone stuff or am i on to something here? >> there are people in both parties who think a sequester would be a good thing for them. there are a lot of republicans who think the president is never going to budge and point to newly elected democrats. massachusetts senator elizabeth warren ran ads saying i will never cut medicare. chairman newsle knows you can't get the deal unless you have some call them what you will, cuts, big changes in the programs. you have people o
, the proposals that have been submitted to us will lead to a deficit, college. already in 2012, the budget has a deficit of 16 billion euros. we have to sacrifice and penalize thousands of students. what's the meaning of this? what's the point of this that members states, heads of state are just going to run a deficit? we are not going to go along with his, mr. president. there are rules and we will make sure they are respected, starting with article iii 10 which calls for a balanced budget. do i really have to remind you that this deficit system led to member states to the situation which we find ourselves today? it's a standing that member states are opposing something on the one hand, they are asking to strengthen our economic governance with a sixpack and with a sixpack and a two pack, and they're asking us to stop running deficits. but they want us to learn these bad habits all over again. we've got 960 billion commitments, and the same amount of payment. any direction of a company will tell you that's economic suicide, and it is too simple, mr. president, and you shouldn't hide behind da
deficit spending a dangerous measure. fdr spent the 1932 campaign declaring his faith in a balanced budget and blasting hoover as a big spender. roosevelt combined his criticism of republican deficits with an appeal to "the forgotten man." in november, "the forgotten man" spoke. millions voted for roosevelt and hoped. but in the four months before inauguration, the depression grew deeper. in march 1933, roosevelt was the leader of a nation with 1/4 of its work force unemployed. something had to be done. so first of all, let me assert my firm belief that the only thing we have to fear is fear itself. nameless, unreasoning, unjustified terror which paralyzes the... rosina tucker remembers the hope returning. uh, you remember his saying, "there's nothing to fear but fear itself." he had his fireside talks... and, uh... uh, the people listened to them all over the united states. they made it a point to have nothing to do during those fireside talks. they sort of... it seemed to me a sacred time, uh, as if a father was talking to his children who were afraid. it was in that period of despair th
the deficit instead but it didn't happen. house republicans poind out they passed a bill to replace the sequester with cuts to federal worker pay, food stamps and other programs. democrats say that puts the burden on poor and middle class americans to pay for debt reduction. >> remember the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks for corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they're poll tested gimmicks. >> reporter: the cuts were originally supposed to kick in last month, but a last-minute deal pushed them off for two months. the president is meeting at this hour with labor leaders later this afternoon with business leaders and the subject, norah and charlie, is sure to come up. >> nancy cordes thanks. >>> meantime house majority leader eric cantor will be outlining a new agenda for his party today calling for change. he wants republicans to focus
first, expecting a budget deficit this year of $845 billion. the first year under a trillion dollars in five years. then the budget deficit gets smaller. these are annual numbers, $616 billion all the way down to 476 billion in 2016 and continuing to rides from there under the weight of the increased interest payments, health care costs. more folks going into entitlement programs for a total of 6.9 trillion added to the national debt over the next ten years. get to the economic projections here. cbo expecting real gdp growth, fourth quarter to fourth quarter, 3.4% next year, averaging 3.6%. the unemployment rate expected to be 8% this year. 7.6% next year. the sixth consecutive year at 7.5% unemployment. that's the longest run in 70 years. getting back to the entitlement programs, the cbo director says health care costs eventuallily swamp the federal budget. >> it's possible to keep the policies for the large benefit programs unchanged, but only by raising taxes substantially for a broad segment of the population. >> he says on the flip side, the ben fits are the same, but raise taxe
innovation and all that and then we looking global markets that began to cut the trade deficit. >> okay, next squishing. anybody else have one? okay, create, over here. >> hi, i'm sure chris, former hill staffer. we are earlier atlantic is involved in the economic issues because they're important to national security issues and we heard in this discussion how people produce valuable things for themselves at home and in the internet age we've had an instance where hundreds of millions of people have gained access to more information than we've ever had before creating tremendous value for all of them and a lot of it is missed in economic measurements in gdp. so before going to be taking some of the panelists have said, a lot of value from factories into our home, they're going to be missed by traditional economic measurements. are we going to reconcile that and how are we going to do with? [inaudible] >> i think there's no question they're abruptly important measurement issues. if you have an economy that is still solely on material objects, it's a lot easier to count things to say, do they ma
've taken. they've taken three quarters of the potential revenue for deficit balancing off the table. >> they is? >> congress. >> or are we saying the democrats, the president? >> everybody. this is what they all agreed to, right? so that's problem number one. problem number two is on the spending side, now are we going to make serious cuts or not? i don't think they are unless we go over the cliff. there's not going to be any opportunity to cut pentagon spending in any serious way if you don't go over the cliff. so there is some stuff in there that i as a democrat don't like. but i think everybody's going to put something in the pot in order to balance the deficit. we did a lousy job in january on the tax side and i hope that -- i think it's better to go over the cliff than do a lousy job -- >> how many people do you know on your side of the field who actually agree with you? >> very few. look they're politicians. they want to spend as much money as they possibly can and they don't want to pay for it. >> who agrees with you? >> oh, i don't know. i bet -- oh, god, joe agrees with me.
instead of really dealing with the banks and dealing with the regional deficit overhang, he just created a circle of loop of help. so the government has been giving money to the regions, the banks to the regions and the government to the banks. but there's no real solution. the problems we main in spain. >> well, this is interesting. so, actually, michael brown was just talking about europe being somewhat of a closed economy. what you're talking about here in spain is this closed loop between the money that is getting in and borrowing. explain a little bit about this crazy looking chart here, flow chart, we should say, and this point that what happens in spain is staying in spain. >> this is a simplified chart of what has been going on. all the rectangular things are off balance. fade is the fund for utility financing. they're funded by the government. rajoy on the 31st of december increased the limit of these funds. frob and the bad bank are funding the banking system, the weak banks, including bankia. and the ffpp is a fund where banks have lent 30 billion to the region. on top of this
. do you believe that the tax and deficit debate is harmful to the business environment now? >> the uncertainty is back. the amount of -- the uncertainty is bad. you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people that are the heart of the u.s. economy. they are the ones that are constantly being bombarded as we go from one to another. this can only be solved here. this is one of the few cases where the business roundtable of people speak with one voice. it would be great to get a resolution. >> there is a divide in the corporate side on the corporate tax front. large companies would benefit more from corporate tax reform, especially go
of the president's proposals will be paid for and will not add to the deficit, and of course, it is how he pays for it that is going to be the debate point. after his tuesday night speech, president obama hits the road for a three-day tour, and stops in asheville, north carolina, wednesday and atlanta on thursday and chicago on friday. and here's what we will make the state of the union different than other presidential addresses to congress. it won't just frame the coming year, but the budget battles to take place in the next three to six weeks. it starts with the $85 billion in budget cuts coming march 1st if nothing is done to alter the so-called sequester. according to the white house, the president will continue to press congress on the fiscal issues with tax reform and tax hikes and entitlements and he previewed that message in his weekend. >> there is no reason that middle-class families and small businesses should suffer because washington could not come together and eliminate a few special interest tax loopholes or government programs that just don't work. >> the sequester has turned i
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